Tokyo stocks slumped 3.07 percent in morning trade Wednesday, as a stronger yen took a bite out of exporters and after global equity markets tumbled on another drop in crude prices.

The benchmark Nikkei 225 index at the Tokyo Stock Exchange lost 3.07 percent, or 545.62 points, to 17,205.06, while the broader Topix index of all first-section shares tumbled 3.11 percent, or 45.12 points, to 1,406.92.